Financial problems biggest issue facing Britain

Over half of Britons (53%) feel financial problems are the single greatest issue facing the nation today, up by a quarter (from 21%) in just 12 months, according to research by AXA.

Twelve months ago Britons felt the most pressing issues facing the nation were immigration and terrorism. A quarter (23%) of Britons ranked terrorism as the greatest problem facing the nation in 2007. In the intervening period this has fallen to just 3%. Personal safety and financial concerns have replaced environmental and security fears, demonstrating that the nation's anxieties become more insular in times of financial uncertainty.

Despite financial fears, Britons are still a nation of financial ostriches when it comes to seeking help to deal with their personal money worries. Over the last 12 months just a quarter (25%) of Britons has sought financial advice. Over thirty four million (75%) British adults have not discussed their financial position with their bank, Independent Financial Adviser (IFA), Citizens Advice Bureau or even friends and family.

Steve Folkard of AXA commented: "Financial concerns can easily monopolise every waking thought, at home and at work, causing serious psychological problems. Money worries have a big impact on personal and professional relationships and in extreme cases they could even result in divorce and slower career progression, as people take out these frustrations on those around them."

AXA's My Budget Day campaign encourages Britons to take an hour a month, or fifteen minutes a week, to actively manage their finances. AXA believes setting aside dedicated time each month to review one's finances can help alleviate financial worries and help Britons take control of their financial destiny. Quarter of a million Britons committed to dedicating an hour a month to managing their finances following the inaugural My Budget Day in 2007.

Steve Folkard added: "Money worries have spread like a fever across the nation, with people increasingly concerned with their ability to meet financial commitments. While people are concerned about job security and ability to pay their mortgage, wider global concerns about terrorism and global warming take a back seat."

"My Budget Day encourages every Briton to take control of their financial destiny, taking responsibility for actively managing their finances. Taking a simple step, such as identifying regular incoming and outgoings can give someone a much greater sense of financial control."

People living in Scotland (60%) are most likely to rank financial problems as the single greatest problem facing Britain today. In 2007 terrorism was ranked as the greatest problem facing Britain by at least one-in-five of those living in every region in the UK. In 2008 those fears have receded with less than one-in-twenty ranking terrorism as their primary fear.

The My Budget Day website (axa.co.uk/mybudgetday) has been designed to help Britons assess their individual circumstances and understand how they can change their financial behaviours to save money or reduce their debt burden. The site includes tools that will help prospective first time buyers establish if they can afford to get a foothold on the property ladder or someone with debts assess how long it will be until they are debt free.